Vail Appoints Top Executives

November 18, 2003

VAIL, Colo. — Nov. 18, 2003 — Vail Resorts, Inc. (NYSE:MTN) announced today two senior officer appointments, effective immediately.Jeffrey W. Jones, currently senior vice president and chief financial officer of Vail Resorts Development Company, will become senior vice president and chief financial officer of Vail Resorts, Inc. In this capacity, Jeff Jones will be responsible for all of Vail Resorts’ finance, accounting, purchasing, internal audit, and investor relations functions, both for the parent, Vail Resorts, and its various subsidiaries.

James P. Donohue, currently senior vice president and chief financial officer of Vail Resorts, will instead become senior vice president and chief information officer, a position that is currently vacant. In his new capacity, Jim Donohue will be responsible for the Company’s information systems and telecommunications.

Both executives will report directly to Adam Aron, Vail Resorts’ chairman of the board and chief executive officer.

Jones, 41, has a long career in finance and accounting. Before joining Vail Resorts Development Company in September 2003 he was EVP and chief financial officer of Chicago-based Clark Retail Enterprises, Inc. from 1999-2003 and SVP and chief financial officer of Boston-based Lids Corporation from 1998 to 1999. He has also worked in a variety of senior finance and accounting positions at Premcor and Dairy Mart Convenience Stores. Jones is an accredited CPA, and a member of the American Institute of Certified Public Accountants. In his early career, from 1984 to1988, he was a member of the public accounting profession, serving as an auditor for Arthur Andersen & Co.

He graduated summa cum laude from Mercyhurst College in Pennsylvania, with degrees in both accounting and American studies. Jones is an avid skier and grew up vacationing at the Company’s ski resorts. He currently resides with his family in the Vail Valley of Colorado.

Donohue, 63, joined Vail Resorts in November 1996 as chief financial officer. Throughout his tenure, he has also had extensive involvement with the Company’s information systems, programs and strategy.

In announcing these moves, Adam Aron, said, “Last week, I reiterated publicly Vail Resorts’ absolute commitment to take whatever actions we could to ensure that Vail Resorts fulfills its obligations to provide complete, accurate and timely financial statements to the investing public. In light of the announcement by Vail Resorts that it was restating prior year earnings, albeit by a modest but nonetheless material amount, it seems only prudent that we have fresh leadership in command of our finance and accounting functions, and fresh eyes assessing and addressing our financial processes.”

Aron added, “We are thrilled that someone with Jeff Jones’ talent is already in position with our Company, so that he can immediately step in to assume the important duties of CFO for Vail Resorts. Jeff brings a wealth of intelligence and drive to his new expanded role, and his background as a CPA should be particularly invaluable. In the short time he has already been with us, Jeff has impressed one and all with his professionalism, enthusiasm and determination — all of which should be immensely helpful factors in his leadership of the finance and accounting functions going forward.”

Aron continued, “We are also similarly and genuinely pleased that Jim Donohue will continue as one of our most senior officers, in charge of our technology efforts in which he is well versed. We are appreciative of Jim’s extensive experience and loyal service to Vail Resorts, and in particular we have the highest degree of confidence in Jim’s integrity and acumen. He has contributed significantly to our Company over the past seven years, and we are very fortunate we will be able to benefit from having his continued counsel.”Vail Resorts, Inc. is the leading mountain resort operator in the United States.

The Company’s subsidiaries operate the mountaiin resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company also operates its subsidiary, RockResorts, a luxury resort hotel company with 10 distinctive properties across the United States. Vail Resorts Development Company is the real estate planning, development, construction, retail leasing and management subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.